FRC to safeguard common investors, says its chief

Dhaka,  Sun,  24 September 2017
Published : 18 Aug 2017, 00:48:09

FRC to safeguard common investors, says its chief

FE Report

The Financial Reporting Council (FRC) will protect common investors and work to create a better investment climate for them, said its chairman C Q K Mustaq Ahmed on Thursday.

"The FRC came into existence as common investor's wish and it will protect their interests," he said while speaking at a conference.

The Institute of Chartered Accountants of Bangladesh (ICAB) organised the Members' Conference on 'Financial Reporting Oversight: Global Practice and Bangladesh' at its auditorium in the city.

Mr Ahmed said it is justifiable to have a regulator of the regulators as there are some other regulatory frameworks in accountancy, auditing and financial management.

The newly appointed chairman said the prime goal of the FRC is to ensure good governance in financial reporting, which will ultimately create a good investment climate in the country.

He assured the professional accountants that the FRC will not be tough and rigid, but the offenders will not be spared.

ICAB President Adeeb Hossain Khan said expectations from the FRC are very high as good quality financial reporting should also be responsibility of several other regulators such as capital market regulators and banking regulators.

He said high quality financial reporting needs to be truly demanded, appreciated and valued.

"Those who reach that level should receive tangible benefits like preferential lending rates, and premium pricing of securities etc," he added.

Past president of ICAB Muhammed Farhad Hussain conducted and chaired the conference while Assistant Professor of Accounting & Information Systems at Dhaka University Dr Ranjan Kumar Mitra presented the Keynote paper and Mostafa Kamal FCA, Member-Council & Vice President (E&T) ICAB, made concluding remarks.

FRC Bangladesh has been formed in line with Financial Reporting Act 2015 with a view to achieving a well-controlled framework in financial reporting function of public interest entities (PIEs) by accomplishment setting standards and its proper implementation, monitoring financial reporting, audit practice review and enforcement.
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